What are Credit Union Spending Priorities for the Online Channel?

A recent Callahan survey indicates that credit unions are investing in both new and widespread technologies to enhance members’ online experience and increase self-service capabilities.

 
 

Earlier this year Callahans surveyed all credit unions over $25 million to better understand their IT spending priorities. The questionnaire asked for spending intentions in six categories, including Internet applications. The survey results indicate continued development of a number of online capabilities that encompass both new and widespread technologies.

Named as a priority for the largest percentage of respondents, 69%, is investing in online consumer loan decisioning software in order to speed the response time to member loan inquiries. Not surprisingly given the growth of real estate lending, 14% of responding credit unions are also investing in online mortgage decisioning software in 2004.

A majority of respondents, 57%, indicated that they are undertaking a redesign of their website as they look to enhance the member's online experience and generate additional online transaction activity. The drive to build transaction volume by providing members with comprehensive tools for managing their finances is evident in spending on capabilities such as e-Alerts, education calculators, account-to-account transfers, and bill pay.

The survey respondents include eighty-five credit unions with over $68 billion in assets. The average size credit union was $800 million and the median was $325 million in assets. While the data is not sufficiently representative to draw industry-wide conclusions, we believe that the major expenditure priorities and needs have been identified.

Learn more about credit union spending priorities in areas such as ATM's, branches, call centers and core processing systems in Callahan's 2004 Technology Survey, the premier resource for information on technology usage and partners among credit unions.

 

 

 

Aug. 16, 2004


Comments

 
 
 
  • Your research represents our mindsets very well, after all successful lending practices is really what keeps us going…that is why we went with the Loans PQ lending product.
    Anonymous